Regulators probably won’t publish final rules requiring more derivatives trades to be processed on exchanges and clearinghouses until later in 2013 or beyond, Tellez said today in an interview in New York. Most investors had expected the rules on interest-rate derivatives, known as swaps, to take effect in January, Tellez said.

The regulators are concerned that stricter rules on Mexican swaps may push trading to the U.S., where new standards apply to swaps in dollars, euros, yen and pounds, he said.

The exclusion of peso swaps in the U.S. “is provoking second thoughts” on the part of the Mexican authorities, Tellez said.